Do I Need Taxi Insurance?

28 Feb 2018

Do I Need Taxi Insurance?

If you are a taxi driver, one of the most crucial decisions you will need to make is regarding your motor insurance. This is vital to ensuring your ability to make a living and to maintain your lifestyle. Not only do you need to ensure you have the correct insurance cover, you will, of course, need to guarantee that you have the best deal too! We all know that when shopping for an insurance quote, our first thought is the cost, without really considering the type of cover the policy offers.

It’s a known fact that taxi drivers will cover more mileage than the average motorist, and as a result of the increased mileage, statistics prove that you are at a higher risk of having an accident.


What type of Taxi do you drive?

Firstly, what type of taxi do you drive? Either public hire or private hire? A public hire vehicle doesn’t need to be pre-booked, is licensed to pick up passengers from a cab or taxi rank, as well as being hailed from the street, whereas a private hire taxi cannot. A private hire cab needs to be pre-booked, and is unable to display a taxi for hire sign. Remember that if you have the incorrect insurance cover, you may as well be uninsured!   A chauffeur driver will also need a specialised insurance policy.


What will your Taxi Insurance cover include?

The majority of insurance policies for cab drivers will include, but not be limited to the following options:

  • Named driver policy if you are a single owner and sole driver, giving you a cheaper premium
  • All driver policy or Fleet cover – for several drivers, usually over the age of 25
  • Fully Comprehensive cover; Third Party Cover: Third Party, Fire and Theft options.
  • Public Liability Cover – this is to cover any claims made by customers in case they suffer another loss or are injured whilst travelling in your taxi.
  • Taxi breakdown cover – not all policies include this specific cover – it may be offered as an add on to your policy.
  • Personal driving – Will you be covered for personal transportation use when not carrying passengers in your cab?
  • Personal injury – As you are driving for many hours in the day, sometimes in busy traffic, it can be a dangerous occupation. Are you covered for injury, death or mental trauma?

Insurance cover for your Taxi is not the same as standard car insurance and if this is the first time you’re looking for an insurance policy, it can be quite daunting to decide exactly what it is you need. If you find yourself in the situation without the correct level of cover, there is the potential to be unable to make a claim or be in the position of being liable for litigation against you. You obviously want to avoid these problems at all costs.

Taxi insurance can be quite expensive, but at Insure My Taxi 4 Less, we always do our best to offer the most competitive rate possible to suit your vehicle and circumstances.

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